Exhibit 99.1



         McMoRan EXPLORATION & K1 USA ENERGY PRODUCTION
            COMPLETE THE FORMATION OF K-Mc VENTURE I

  K-Mc I TO ACQUIRE AND PURSUE NEW BUSINESS ACTIVITIES AT MAIN
  PASS 299 FACILITIES

NEW ORLEANS, LA, December 17 2002 - McMoRan Exploration Co.
(NYSE: MMR) and K1 USA Energy Production Corporation ("K1 USA"),
a subsidiary of k1 Ventures Limited ("K1", SGX: KONE), a publicly
traded Singapore investment firm led by Steven J. Green announced
today the formation of K-Mc Venture I LLC (K-Mc I) has been
completed.

K-Mc I acquired certain of McMoRan's Main Pass 299 facilities
which it will use to pursue new business activities using the
site's unique infrastructure and will also continue to produce
oil at Main Pass.  McMoRan contributed to K-Mc I its Main Pass
299 oil interests and, and at the election of K1 USA, will
transfer other Main Pass infrastructure assets required to
support the new business activities.  The facilities not required
to support these new business activities are excluded from the
joint venture and are in the process of being dismantled pursuant
to the previously announced turnkey removal contract with
Offshore Specialty Fabricators, Inc.

McMoRan will receive $13 million in the transaction which will be
used to fund the costs of reclamation activities of the excluded
facilities, and McMoRan will own one-third of K-Mc I.  In
addition, K1 USA has agreed to provide, if required, credit
support for the new venture in an amount up to $10 million to
provide financial assistance for K-Mc I's MMS bonding
requirements.  K1 USA will own two-thirds of K-Mc I.  K1 USA has
received warrants to purchase approximately 1.74 million shares
of McMoRan common stock at any time within five years at a price
of $5.25 per share.  To the extent K1 USA elects for K-Mc I to
acquire the Main Pass infrastructure assets required to support
the new business activities, K1 will receive additional warrants
to purchase approximately 0.76 million shares of McMoRan common
stock at a price of $5.25 per share and K1 USA will provide, if
required, financial assistance to K-Mc I for up to an additional
$10 million in MMS bonding requirements related to abandonment
obligations for these assets.  McMoRan will continue to operate
the Main Pass facilities under a management agreement.

The new enterprise would pursue the use of the Main Pass
facilities as a support hub for energy development and production
projects in the Gulf of Mexico.  The surface platforms and
structures at Main Pass, combined with the two-mile diameter
caprock and salt dome, have significant capacity and potential
for a variety of commercial activities.  The potential
alternative uses may include the disposal of nonhazardous waste
from offshore oil and gas drilling activities; a hub for
receiving deepwater vessels transporting oil and gas production,
including compressed natural gas and liquefied natural gas; and
cavern storage facilities to store natural gas and oil.  The
permitting process for waste disposal at Main Pass, which began
in late 2000, is now nearing completion.

J.R. Moffett, Co-Chairman of McMoRan said:  "We are excited about
our new joint venture with K1 to take advantage of business
opportunities in the oil and gas business using our vast
experience and industry expertise.  The Main Pass facilities are
uniquely positioned to fulfill the growing need for the disposal
of nonhazardous waste generated by the Gulf of Mexico exploration
and development activities.  Furthermore, it is contemplated that
the Main Pass cavern storage facilities will be used for handling
the increasing amounts of "stranded" gas from the deep waters of
the Gulf of Mexico, as well as foreign "stranded" gas.  The
strategic location of Main Pass and the existing infrastructure
provide low cost, environmentally sound options for the industry.
This transaction will allow McMoRan to retain a significant
interest in the new business opportunities developing in the Gulf
of Mexico and, like our Gulf of Mexico exploration prospects, has
the potential to create significant value for our shareholders.
We look forward to our partnership with K1 and the value and
experience in the offshore marine and energy industry they bring
to this transaction."

Steven J. Green, Chairman and CEO of K1 said;   "We are excited
about the potential of combining the strengths of Kl and McMoRan
through the new K-Mc Energy Ventures to pursue energy related
acquisitions, initially focused in the Gulf of Mexico region of
the U.S.  We are particularly excited about the K-Mc I
acquisition of McMoRan's Main Pass 299 facilities.  This
investment fits well within our strategy of providing expansion
stage capital to projects with significant growth potential.
These new ventures and our recent participation in McMoRan's
public equity offering provide our shareholders with a great
opportunity to participate in the high potential returns
available in the Gulf of Mexico.  We believe that the unique
experiences and relationships developed by Mr. Moffett in his 40
years in the energy sector will enable our new entity, K-Mc
Energy Ventures, to capitalize on the opportunities created by
the current financial crisis in the energy sector."

McMoRan Exploration Co. is an independent public company engaged
in the exploration, development and production of oil and natural
gas in the Gulf of Mexico and onshore in the Gulf Coast area.
Additional information about McMoRan is available on our website
"mcmoran.com".

k1 Ventures Limited invests in a wide range of investments across
diverse sectors. k1 Ventures Limited is domiciled and
incorporated in the Republic of Singapore and is listed on the
Singapore Exchange Securities Trading Limited (the Singapore
Stock Exchange).

CAUTIONARY STATEMENT: This press release contains forward-looking
statements. Forward-looking statements are all statements other
than historical facts, including statements regarding the pursuit
of new business activities at Main Pass and the permitting
process for waste disposal at Main Pass.  Important factors that
could cause future results to differ materially from our
expectations include our ability to complete the proposed
transactions, pursue the new business activities, receive the
necessary permits, and other factors described in our most recent
Form 10-K and subsequent Forms 10-Q filed with the Securities and
Exchange Commission.